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CBRE Services discusses refinancing with $750 million term loan
By Mary-Katherine Stinson
Lexington, Ky., June 20 – CBRE Services, Inc. announced it is in discussions with lenders about refinancing its existing €400 million term loan credit facility maturing on Dec. 20, 2023, according to a 424B2 filing with the Securities and Exchange Commission.
The refinancing would be in the form of a new euro and/or dollar term loan facility of up to $750 million. After refinancing the existing term loan, any remaining proceeds would be used for general corporate purposes.
The company has $433.4 million of euro term loan borrowings outstanding under its term loan credit facility, net of unamortized debt issuance costs.
The company also announced it intends to use the proceeds from a planned issuance of guaranteed fixed rate notes senior notes for general corporate purposes including the repayment of the company’s $3.5 billion revolving credit facility.
As of March 31, there was $1.2 billion outstanding under the revolver.
As of June 14, revolver borrowings bore interest at a weighted average interest rate of 5.97%.
CBRE is a Dallas, Tex.-based commercial real estate services and investment firm.
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